To economists, feelings such as peace, serenity, religious devotion, and self-esteem are captured in the concept known as _____
a. rational self-interest
b. utility
c. profit
d. total revenue
e. surplus
b
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In the above figure, no relationship between x and y is shown in Figure
A) A. B) B. C) C. D) D. E) A and Figure B.
Your new neighbor does not mow his lawn or prune the trees in his front yard. As a result, your house value decreases. Your neighbor generated
A) a negative externality. B) a positive externality. C) no externality. D) a non-rival good.
Assume dental care is provided by a competitive industry. A new government regulation requires each dentist to take a costly new exam for certification. What happens to the price of dental care?
a. The price of dental care rises in the short run and rises further in the long run. b. The regulation will cause higher prices in the short run, but it will have no long-run impact. c. There is no change in the short run, but dentists will exit and prices will rise in the long run. d. The exam is a sunk cost, so the price of dental care does not change in either the short run or the long run.
?Which of the following factors did not contribute to the federal budget surpluses in the 1990s?
a. ?Higher taxes on the rich b. ?More federal government spending discipline c. ?Slower consumer spending d. ?Rising business optimism based on technological innovation e. ?Market globalization